Alan Greenspan says "Trickle Down" Reaganomics failed

The bottom line for this video is that Alan Greenspan says...and the former Comptroller of the US Alan Walker agrees...that smaller tax increases early result is FAR FAR less debt down the road thanks to the mathematical miracle of compounding.
Imagine if we had no Reagan tax cuts. Imagine if we had no Bush tax cuts. Imagine if the few percent that Clinton raised taxes. The result would be the dropping of the debt as we see it today. Reagan and Bush's tax cuts hurt us in the long run. Their argument at the time was that the tax cuts were given to people who make the jobs. Well as we see now this is just not the case. So when Alan Greenspan says that taxes need to be part of the solution then he is saying that the tax decrease he so vigorously fought for was the wrong path to take because we had a problem then as well. If we would have had the mathematics of compounding working for us with Clinton's tax increase and an additional tax for those people who never did make jobs for us in the first place...and never had the nightmare of Reaganomics... we would be economically so much better now.

So....thanks for NOTHING Reagan and Bush. No...thanks for LESS THAN NOTHING and that is massive debt. The old line is...you can pay us now or you can pay us later. We are paying later...and proving that the economic times of Reagan and Bush were artificially improved by the things we will pay for now.

Category:

News & Politics

Tags:

• Reaganomics
• bush
• tax
• cuts
• obama
• taxes
• clinton
• economic
• greenspan
• neo
• con
• teaparty
• teabagger
• tcot
• tlot
• p2

[blevr1234]

Trickle-down – something for nothing; Con-Job of the 20th Century ! Played on the –‘greed of the stupid ...’-

Something for nothing = decimation of the middle class/labor/unions;

exportation of the manufacturing potential of America

– for the huge profits of “a few ....”

Now we are at the mercy of our manufacturers [overseas] and their profits – are supporting our 30+ years of compounding debt, from hateful interference and wars [profiting corp. donors] !

Cont

[21tikcah]

Reagan, Budget director David Stockman

... "None of us really understood what was going on with all these numbers and that supply-side economics –‘was always a Trojan Horse to bring down the top rate’-."

[blueberriesandbanana]

Oh NOOO the GDP!!! Who cares about the working class, the upper middle class are no longer able to afford a 4th family car and will be forced to cut back on their large purchases from CostCo! That is completely unacceptable. So there are children in the ghetto drinking mountain dew out of their bottles you say because their mothers cant afford nutritious food because there are no healthy grocery stores in the 'hood. Boo hoo to you! The upper middle class need their 4th car dammit.

[como651]

Those were the good old days under Greenspan making thousands of dollars a day in the stock market. The 1999 tech bubble was every investor's dream come true. Can't everyone just pretend the economy is great again and drive up PE ratios to over 1000 so we can all be rich again? I liked the make believe bubble economies a lot better than this one. Let's get another asset bubble started!

[Welsh77]

i dont know why we take advice from the guy who printed money like a wild baboon and kept interest rates soooo low that we had a massive housing bubble

[elviscash56]

The top marginal tax rate was 90% in the 1950s under Eisenhower, a Republican, and the 50s was one of the largest economic expansions in our history. But the reason has nothing to do with taxes. The reason our economy was good then but bad now is because we had the mightiest manufacturing base on earth. It is no coincidence that as our manufacturing base has eroded, our prosperity has gone with it. FUCK corporations and bring back MADE IN AMERICA

[kalendello]

@vaibanez17 raising minimum wage causes inflation. When min wage is increased, where does that $ come from? The consumer. Say McDonalds had to pay their ppl $30/hr, how could they afford it? They would increase their prices... so it takes from everyone to give that person more money.

How about, if you cannot live off minimum wage, then dont... get a skill set and get a better paying job. Leave min wage jobs to kids in high school.

[kalendello]

@DAGDAsRevenge you failed to make the case that intelligence trickles up. Generally speaking, when something trickles either up or down, it implies that there is an excess on one end and the other end acquires some the benefits from being off-balanced.

If you say that the poor are smart and the rich are dumb; what happens when a poor guy becomes rich... he becomes dumb?

You show me a poor intelligent guy with a strong heart, and I'll show you someone who used to be poor...

[perdondaris]

@kalendello The rich are not taxed 40%. 35% and under Clinton 39%. The corporate tax rate is 35% but it is uncollected due to subsidies, loopholes, and credits otherwise known as corporate welfare. Oil companies that used public land paid no royalties during the Bush administration. The rich use every tax gimmick and in actual cases paid less taxes (in dollar amounts not % or even marginal revenue) than people making minimum wage.There are free lunches and it is the rich who are getting them.

[vaibanez17]

Raising the minimum wage is the best way to boost the economy. It takes money to make money; i know that's not what that saying means but used in this context it rings true. How can consumers spend money they don't have? If they have it, they'll spend it.

[SechyoolarYOOESAY]

@kalendello "Name 1 thing that "trickles up"."

Who do you think are the main consumers in this country? You know, the people who buy goods and services... Is it the extreme rich people? I'm pretty sure they save their money so they can die on a golden toilet someday.

Getting more money into the hands of people who actually SPEND, is stimulating to the economy